But while consumers on a budget helped its Primark division, it dented profits at its Allied Bakeries division, which makes Kingsmill bread.

Mr Bason said that it had been under pressure to cut prices of its loaves on promotion in supermarkets. “A loaf on promotion used to be £1, but it’s now under £1.”

Its sugar growing business, however, enjoyed a bumper few months as the beet harvest in Britain benefited from a mild autumn, pushing up the sugar content, and the lack of snow, which disrupted the harvest last year.

The overall group, which also owns Silver Spoon sugar and Twinings tea, said on Monday its half year results to March 3 will be in line with its expectations.